Summary
Acquired and run as a serviced office block whilst planning was achieved to convert this Grde II listed building into two exquisite 5 bedroom townhouses. The building benefits from a Blue Plaque relating to the writer, Virginia Woolf, who lived here with her husband in the early 20th century.
Planning permission was achieved with input from a heritage architect and detailed planning negotiations with Richmond Borough Council.
The conversion works were placed with a known contractor after a negotiated tender and managed carefully to ensure the historical elements of the building were protected.
The houses have subsequently been let and refinanced due to challenging market conditions linked to SDLT changes and political uncertainty.
Business Case
STRENGTHS
- Charming Georgian Building
- Excellent position in premier tier town
- Fully let as serviced offices
- Rents could be reviewed with immediate effect and were under rented
OPPORTUNITIES
- To enhance the surplus cash flow through improving the serviced office rents
- To enhance value by virtue of a residential consent
- Improve on site management and implement robust protocols
WEAKNESSES
- Poor historical management
- Income was generally very short term
THREATS
- All income of a short term nature
- Period building
- Planning risk with a residential conversion